Our aging population deserves compassionate legal care that provides an understanding approach to delivering solutions that can help recover the financial losses they have endured from predators who commit financial elder abuse in Los Angeles, California.
At Valerie F. Horn & Associates, our Los Angeles County financial elder abuse litigation lawyer takes exception to these deceitful practices and works tirelessly to ensure those who are hurt by scams, schemes, and their overall vulnerable circumstances get the justice they deserve.
Why Do People Prey On the Elderly For Financial Gain?
As the U.S. population continues to age in record numbers, so does the reasons why people prey on them for financial gain.
The Securities and Exchange Commission’s report on financial elder abuse lists the three main reasons aging adults are more vulnerable to these types of scams including:
Cognitive Decline: Whether it is age or disease-related, when the mind is no longer functioning at its best, one of the first areas to be affected is financial responsibility. This makes our elderly an easy target for predators who know they have money, yet are unable to account for it properly.
Pension, Social Security, and Monthly Wealth: Predators, especially those who are related to the person who is being financially abused, know exactly when monthly checks arrive in the elderly’s bank account and use that knowledge to exploit them.
Financial Trends: More and more, the elderly are being charged with the responsibility of handling their own investments, which can provide an opening for a deceitful investor to take their money outright, using financial safety and growth as a tool.
What Are The Most Common Types Of Financial Elder Abuse In Los Angeles, California?
With over three decades of legal experience, our financial elder abuse attorney in Los Angeles, California wants everyone to understand the signs and types of these abusive circumstances, so we can stop the perpetrators from preying on our aging residents throughout the State of California.
It is important to understand that financial elder abuse can stem from any type of improper or illegal use of an older person’s assets, property, or funds. It can also be perpetrated by strangers, trusted professionals, family members, or close friends.
The most common types of financial elder abuse can include, but are not limited to:
- Stranger scams that occur in-person or over the phone:
- False soliciting of funds for charities or recent disasters
- Grandparent scams stating someone has been hurt and requires cash via money transfer right away
- Home repair, roof repair, and driveway repair cons who will take money upfront but never perform the service
- Individuals falsely stating they are from a phone, electric, or gas company and need access to the home, only to steal from within
- Lottery and sweepstakes scams claiming a much larger prize is available if the elderly person simply pays the taxes or fees associated with the win first
- Telemarketing scams and threats for payments that are not due
- Professional scams that occur in-person, via phone, mail, or email:
- Annuity sales
- Identity theft
- Internet phishing
- Investment and securities schemes
- Medicare scams
- Predatory lending
- Family members and trusted friends or adviser scams that occur:
- Refusing care and medical services for the elderly to maintain control over their finances
- Taking advantage of joint bank accounts without explicit permission
- Threatening to abandon or physically harm the elderly person until their financial needs are met
- Using a power of attorney to misuse or steal money
- Using ATM or credit cards for cash or charges without the elderly person’s knowledge
Elder Fraud Risk Factors
The perpetrators of elder abuse often come in the form of caretaker, relative, or friend who often manipulate the elderly through feigned affection.
And the changes to the person’s finances can leave them with nothing, including:
- Changes to their will
- Liens on their home from unnecessary or unwanted work
- Transference to nursing homes, so the relative can take over their home
The overall approach by these offenders is that our aging population are naïve and easily confused, which makes it easier to take their money, especially if no one is protecting their best interests. And it is happening more and more throughout Los Angeles and the State of California.
Experienced Los Angeles Financial Elder Abuse Lawyers
Our experienced Los Angeles financial elder abuse attorney wants family members and loved ones throughout our communities to understand how quickly and easily our older residents are being preyed upon.
Whether it is in-home caregivers who are overcharging for services, or trusted friends who are keeping the change from a shopping trip, the risk factors continue to escalate each day.
It is important to review the finances of all elders, even if they are in an assisted living home or are being cared for someone you inherently trust.
Our Law Firm In Los Angeles California Include The Following Practice Areas
- Commercial Litigation
- Consumer Protection Litigation
- Insurance
- Real Estate Disputes
- Trust, Fiduciary & Probate Litigation
Call Our Los Angeles Financial Elder Abuse Litigation Lawyer Now
In California, the legislature has enacted special elder statutes to protect this particularly vulnerable class and our Los Angeles financial elder abuse litigation attorneys are committed to maximizing these laws to protect the elderly members of our community. Call us For Free Consultation at 310-888-8494 and determine how our Los Angeles financial elder Abuse litigation lawyers can help you.
